Nano-X Imaging Ltd. Q3 FY2025 earnings call

Nano-X Imaging Ltd. is focused on global expansion with a comprehensive medical imaging portfolio. They are building momentum in technology expansion and market scaling, with Nano-X ARC entering a growth phase in the retail imaging segment, having signed agreements in the Czech Republic and France. They are progressing toward 100 systems worldwide by end-2025. In AI infrastructure, they acquired Vaso Healthcare IT, partnered with 3DR Labs, and expanded AI solutions. Operationally, they are building a leaner organization, strengthening production capabilities with Fabrinet, and engaging in clinical trials with institutions like Cedars-Sinai and MDS Wellness. They will have a strong presence at RSNA 2025.

In the third quarter of 2025, Nano-X Imaging Ltd. reported revenue of $3.4 million. Revenue from teleradiology services was $3.1 million with a GAAP gross profit of $100,000. Revenue from the sale and deployment of imaging systems and OEM services was $175,000. Revenue from AI solutions was $100,000. Non-GAAP gross loss for the period was $300,000. Research and development expenses net were $4.6 million, sales and marketing expenses were $1.5 million, and general and administrative expenses were $5.3 million. Non-GAAP net loss attributable to ordinary shares was $9.9 million.

Nano-X Imaging Ltd. guides for more than $35 million in revenues in 2026. The AI business segment is expected to achieve quarterly EBITDA breakeven in 2026, and the company as a whole aims for quarterly EBITDA breakeven in 2027.

Risks include regulatory approval uncertainties, slower-than-expected market penetration, and potential supply chain issues that could impact deployment and revenue generation.

Q: Ross Osborn asked about the number of systems in the field generating $175,000 revenue.

A: Erez Meltzer said a few dozens of systems, with some waiting for regulatory approvals.

Q: Jeffrey Cohen asked about OpEx and Vaso.

A: Ran Daniel discussed OpEx trends and Erez Meltzer talked about Vaso's 100 medical-related customers.

Q: Scott Henry asked about the cadence of 2026 revenue.

A: Erez Meltzer said revenue would start slow in Q1 and ramp up, with Vaso contributing approximately $4 million in revenues.